PlayTreks helps creators and music rights holders monetize their music in every possible way. Blockchain technology offers great possibilities for this. That is why we created the PlayTreks Marketplace.
The PlayTreks Marketplace is a platform where any music right holder (like an artist or label owner) can sell the work they own the rights to, by making it available as a non-fungible token (NFT). Once made available, NFTs can be sold directly to anyone - like fans, collectors and/or investors. This is not limited to master recordings of music. Any right holder can sell their creations or items conveniently. Think about album artwork, limited-edition alternative versions of songs, VIP tickets, artist meet & greets, personal shout-outs: just let your imagination flow. If you can think of it, you can sell it, using the PlayTreks Marketplace.
Sparking a revolution in the music industry
The music industry has evolved a lot with the advent of digital technology. Music is accessible everywhere, at the click of a mouse or the tap of a finger.
While this has ignited many business models and new ways of interactivity, innovations seem to have mainly been beneficial to music consumers. A lot of 'old-industry' problems for artists have remained. Lack of transparency, lack of guidance and lack of fair deals are just a few of the many examples we see. It's clear that some of the 'old music industry DNA' is still in place, especially when it comes to record deals and monetization of music.
The real revolution however, is happening now as a direct result of the rising and increased adoption of blockchain technology. Simply put, blockchain is a technology designed to prevent tampering. With an immutable digital ledger at its heart, blockchain is the foundation of a new era of transparent, traceable accounting. This eliminates a problem that has been around in the music industry for decades. In addition, blockchain enables the use of cryptocurrencies and tokens. This allows anyone in the world to pay for music and support artists they love.
Turning musicians into entrepreneurs
To date, there haven’t been many alternatives for up-and-coming musicians to generate enough revenue to support their music career without taking, to say the least, unfair deals.
For decades, the music industry has been dominated by middlemen who held all the power and reaped most of the rewards. Blockchain technology gives power back to creators and fans. NFTs encapsulate the magic needed to democratize every aspect of the industry.
Leveraging NFTs, PlayTreks shifts a paradigm in the music industry. In the same way crowdfunding platforms allow everyone to become an investor in startups and private companies, we facilitate artists to be entrepreneurs by allowing everyone to become an investor in music.
Turning fans into investors
Music, in general, has always been a way to spend your money. Buying music, buying concert tickets, buying merchandise or collectables - it's all money out of consumer's pockets.
Investing, in general, has always been a way to potentially grow your money. By supporting entrepreneurs you believe can succeed, or by advancing a cause you believe in.
Thanks to the innovation made possible by blockchain technology, fans are no longer just consumers - they can be investors. Cutting out the middle man, NFTs enable fans to be investing directly in the artist they believe in. By investing capital toward a new song or album and in return, get ownership in the royalty rights.
And the best thing is: investors can experience their investment every day. Listening to songs, attending performances and engaging with the artist - it's not only fun, but it will also raise the value of their investment.
Let this sink in. Which artist will you support? Which new music will you invest in?
Taking NFTs out of the nerd zone
By now it's probably clear that we at PlayTreks believe NFTs will play a huge role in the future of music monetization. At the same time, we have learned that the topic of blockchain and NFT's is not self-explanatory. The majority of people do not understand what it's all about. If that includes yourselves - don't worry. At PlayTreks it's our mission to put creators in control, and that includes sharing knowledge both ways. We are happy to share what we have learned to help music professionals understand blockchain, NFTs and the opportunities it brings to creators.
A good way to get started is to read our series of support articles to get a good understanding. Also, please join the PlayTreks community on Discord. This is where a lot of blockchain-related discussion is going on. It's where we discuss and learn from each other. That's how we like to roll at PlayTreks: we explore and innovate together with artists and music industry professionals. So, by all means, feel welcome to join the conversation, reach out to our team with any question or idea you may have. We'd love to meet you on Discord.